Santiment：After the Binance incident, the ETH supply on the exchange decreased in two phases, and the whereabouts of the funds remain unclear.
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AT A GLANCE
Following the Binance incident, the supply of ETH on trading platforms declined in two phases, but the ultimate destination of the funds remains uncertain.
Article
Santiment：After the Binance incident, the ETH supply on trading platforms decreased in two phases, with only the first phase coinciding with the time of the hacker's withdrawals
BlockBeats News, November 3, Santiment posted that since Binance was hacked, the ETH supply on trading platforms has decreased in two phases, but only one of these phases coincides with the timing of the hacker's fund transfers. Data shows that as of the close on October 28, ETH held by trading platforms accounted for 3.56% of the total ETH supply; by the close on November 2, this proportion had fallen to 3.20%. More than half of this decline occurred on October 29, the very day Binance was hacked.
TRM Labs data shows that approximately 200,630 ETH were transferred out of Binance's hot wallet on October 29. However, the amount of ETH held by major trading platform addresses did not decrease on October 29; instead, it increased by about 39,000 coins. Subsequently, from November 1 to November 2, as the platform reopened withdrawals, holdings in related addresses decreased by approximately 313,000 ETH.
From the close on October 28 to the close on November 2, ETH held by major trading platform addresses decreased by a cumulative total of approximately 297,000 coins, a drop of about 5.4%. Santiment stated that, based on trading platform data alone, it is currently impossible to determine where these ETH ultimately went, nor can it be determined whether they were moved to cold wallets or transferred to other trading platforms.
Original article link https://m.theblockbeats.info/flash/375226
Key points
01
BlockBeats reports that Santiment stated that since Binance was hacked, the ETH supply on the trading platform has decreased in two phases, with only one phase coinciding with the timing of hacker fund transfers.
02
As of the close on October 28, ETH held by trading platforms accounted for 3.56% of the total supply; as of the close on November 2, this proportion fell to 3.20%.
03
More than half of the decline occurred on October 29, the day the article says Binance was hacked.
04
TRM Labs data shows that on October 29, approximately 200,630 ETH were transferred out of Binance’s hot wallet.
05
The ETH held at the addresses of major trading platforms increased by about 39000 on October 29.
06
November 1 to November 2, as the platform reopened withdrawals, the holdings in the relevant address decreased by approximately 313000 ETH.
07
As of the close on October 28 to November 2, the ETH held by major trading platform addresses decreased by approximately 297000, a drop of about 5.4%.
08
Santiment stated that, based solely on exchange data, it is impossible to determine the ultimate destination of these ETH or whether they have been moved to cold wallets or other exchanges.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This dataset includes two metrics: the proportion of ETH held by exchanges relative to the total supply, and the amount of ETH held by addresses associated with major exchanges. Although ETH was withdrawn from Binance’s hot wallet on the day of the hack, the holdings of major exchange addresses actually increased that day; a more pronounced decline in address holdings occurred after the platform reopened withdrawals. Therefore, temporal proximity does not directly prove that the entire decline was caused by hacker withdrawals.
Why it matters to readers
Changes in the address balance on the trading platform can be used to observe whether funds are leaving the platform, but this evidence cannot distinguish between user withdrawals, transfers to a cold wallet, or transfers to other trading platforms; therefore, it cannot be used to determine ETH supply and demand or price direction.
Beginners should treat on-chain balance changes as observational signals rather than price conclusions; they must also wait for address tracking or platform disclosures to confirm the flow of funds.
Risks and unknowns
The final destinations of approximately 313000 ETH and the cumulative reduction of approximately 297000 ETH remain undetermined.
It cannot be confirmed whether the relevant ETH was moved to a cold wallet or transferred to another trading platform.
The supply ratio on trading platforms and the positions held at major platform addresses may be based on different statistical methodologies, and the evidence does not explain the discrepancy between the two.
Related Developments
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The report paraphrases data from Santiment and TRM Labs, but the evidence does not provide the original statistical methods.
Related concepts
ETH supply
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